Tag: SEF license

May 23, 2014 BY Gerald Segal

CFTC relaxes certain SEF reporting rules, to incentivize SEF trading

It seems as though trading volumes on Swap Execution Facilities, or SEFs, are not what regulators initially anticipated. To encourage more SEF trading, CFTC Acting Chairman Mark Wetjen  announced three actions to (among other things) promote end-user trading on (SEFs), as well as on designated contract markets (DCMs). What are SEFs? SEFs are licensed trading venues,…

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December 24, 2013 BY Gerald Segal

CFTC grants substituted compliance with regulations from six regions worldwide

CFTC recognizes some foreign regulators’ oversight of key swaps components, causes more confusion Friday afternoon saw a plethora of press releases by the CFTC which instead of clearing out the rulebook by which swaps and derivatives clearing counterparties have to comply with, effectively caused even more confusion and chaos. The CFTC announced local companies can…

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December 06, 2013 BY Gerald Segal

Second SEF relief period expires, confusion sets in

FX traders expressed their doubts about the ability of SEFs to handle CFTC's procedures properly In an extensive piece today titled ‘SEFs battle with confirmations after CFTC relief expiry’ Risk Magazine is analyzing extensively the market conditions surrounding the exemption period for SEF confirmation issuing, which expired on November 29th. It turns out that at present…

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October 24, 2013 BY Gerald Segal

ICAP taps CME Group exec Laurent Paulhac as CEO of ICAP SEF

ICAP looks to regain its leading position in forex liquidity providing. Interdealer broker ICAP has announced that Laurent Paulhac will join the company as managing director and will be in charge of its US based ICAP SEF LLC. He is joining the firm from the CME Group where he was managing the over-the-counter (OTC) products and…

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September 24, 2013 BY Gerald Segal

360 Trading Networks (360T) granted latest SEF license

Multi-bank multi-asset platform provider 360T looks to expand its institutional business in the US. The CFTC has granted its most recent SEF license to Frankfurt-based trading platform company 360 Trading Networks (known better in the industry as 360T). This is a little different than most of the other SEF application approvals made so far --…

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September 21, 2013 BY Gerald Segal

SEF applications approved for trueEX and ICE IntercontinentalExchange

What is an SEF exactly? The CFTC has granted two more (temporary) SEF licenses, this time to trueEX and ICE IntercontinentalExchange. trueEX is an interbank exchange for interest rate swaps. And ICE is, of course, the large publicly traded (NYSE:ICE) US commodities exchange, which operates regulated exchanges and clearing houses for energy, agricultural, credit, currency, emissions,…

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September 18, 2013 BY Gerald Segal

CME Group joins the SEF parade with its own application

CME Group will initially focus on commodity products, and will look to develop additional markets over time. CME Group, which runs the world's largest derivatives marketplace, announced today that it had (finally) filed an application to be registered as a Swap Execution Facility (SEF) with the CFTC. CME Group plans for its SEF to be…

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September 14, 2013 BY Gerald Segal

SEF licenses approved for State Street, GFI, and MarketAxess

State Street, GFI, and MarketAxess join Tradeweb and Bloomberg as the first SEFs granted. The CFTC has announced the granting of three more SEF licenses to State Street (via subsidiary SwapEx LLC), GFI, and MarketAxess. The three new licensees join Tradeweb Global (which actually received two separate licenses), and Bloomberg, as the only firms to successfully receive…

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